High Carbon Ferro Chrome prices remained unchanged by tighter supply, despite a seasonal slowdown in buying interest.
Current price for HC Ferro Chrome (60% Grade) is settled at around INR 68,500/MT (Ex-Works Odisha) and INR 70,000/MT (Ex-Raigarh); both unchanged W-o-W.
Market sources reported that some mills in India started buying their August requirements this week.
One producer source said sales were at INR 68,500/MT, adding that demand was low. Two other producer sources said they had sold at INR 68,500-69,000/MT Ex-Plant.
[su_quote]“Prices today are almost at INR 69,000/MT, in 10 days it should hit INR 70,000/MT,” a producer forecasted, while another said, “It is about INR 68,500/MT now and demand is still stagnant but a little supply tightness coupled with better demand could trigger a sharp rise in prices.”[/su_quote]
Chinese Market
The spot prices of India-origin HC Ferro Chrome (58-60% Cr) and South Africa-origin charge Chrome (48-52% Cr) at 82-84 cents/lb CIF China and 81-82 cents/lb CIF China respectively, both flat W-o-W, as the spot import trading lull continued.
Inquiries from buyers and offers from sellers remained sparse this week. Market participants said Chinese users’ buy ideas for imports were at 77-80 cents/lb CIF, though these were not firm bids. Indian suppliers were not amenable to such price levels given high Chrome ore prices in India.
[su_quote]“Other places like Japan & South Korea are at least giving prices which are workable,” said an Indian producer.[/su_quote]
Chinese demand is expected to remain weak in August, as stainless mill typically cut production in the current quarter to carry out maintenance, while low Chinese domestic Ferro Chrome prices would also see users opting for Chinese Ferro Chrome over imports.
Domestic spot prices of 50% Cr Chinese HC Ferro Chrome were at RMB 6,400-6,600/MT (equivalent to 79-81 cents/lb) delivered with 17% VAT, unchanged for the sixth straight week. But, most saw spot prices softening soon amid weak demand and large supply in the market, and also after major local stainless mills cut August domestic purchase prices by RMB 50/MT this week.
Japanese Market
The spot price of HC Ferro Chrome imported into Japan corrected to 89-90 cents/lb CIF Japan from 90-92 cents/lb CIF last week. An Indian producer put the tradable spot export price to Japan at 89 cents/lb CIF, but he did not offer owing to the lack of inquiries.
SteelMint assessed that the market was also lacking a clear direction with both positive and negative indications. Slow Ferro Chrome demand in China continued to weigh on international Ferro Chrome prices.
Exchange Rate: USD 1=INR 60.76
|
Ferro Chrome Exports from 01-26 July, 2014 (Qty in MT) |
||||||
|
Importing Country |
Vishakapatnam |
Kolkata |
Pradeep |
JNPT |
Delhi TKD |
Total |
|
South Korea |
4,272 |
1,700 |
4,206 |
– |
– |
10,178 |
|
China |
6,978 |
– |
– |
– |
– |
6,978 |
|
Japan |
1,491 |
1,520 |
– |
– |
– |
3,011 |
|
Taiwan |
1,950 |
700 |
– |
– |
– |
2,650 |
|
Italy |
420 |
918 |
– |
– |
– |
1,338 |
|
United States Of America |
– |
1,188 |
– |
– |
– |
1,188 |
|
Iran |
– |
585 |
– |
– |
– |
585 |
|
Netherlands |
– |
567 |
– |
– |
– |
567 |
|
Brazil |
504 |
27 |
– |
– |
– |
531 |
|
Argentina |
419 |
– |
– |
– |
– |
419 |
|
Turkey |
– |
324 |
– |
12 |
– |
336 |
|
Canada |
– |
216 |
– |
– |
– |
216 |
|
Cuba |
– |
216 |
– |
– |
– |
216 |
|
Vietnam |
168 |
– |
– |
– |
– |
168 |
|
Poland |
162 |
– |
– |
– |
– |
162 |
|
Mexico |
– |
162 |
– |
– |
– |
162 |
|
Ukraine |
– |
150 |
– |
– |
– |
150 |
|
Belgium |
– |
108 |
– |
– |
– |
108 |
|
Thailand |
50 |
– |
– |
15 |
– |
65 |
|
Peru |
– |
50 |
– |
– |
– |
50 |
|
United Kingdom |
– |
– |
– |
– |
22 |
22 |
|
Indonesia |
– |
– |
– |
15 |
– |
15 |
|
Total |
16,414 |
8,431 |
4,206 |
42 |
22 |
29,115 |
Leave a Reply